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How PayPal Sparked The Next Crypto Gold Rush

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Bitcoin

The astounding thing about the world of cryptocurrencies is how fast things can move when there’s a catalyst for change. For Bitcoin, the world’s most famous cryptocurrency looked set to spend the final months of 2020 taking a back seat to the rapidly developing DeFi landscape. One PayPal announcement later and it’s closing in on its all-time high value

The 2020 crypto gold rush was sparked into life on October 21st when payment giant PayPal announced that they would be accommodating cryptocurrencies like Bitcoin, Ethereum, Litecoin and Bitcoin Cash – allowing its network of 286 million users to buy and sell cryptocurrency. The coins could then be used to make purchases from the 26 million sellers that accept PayPal, the organization announced. 

The notion of 286 million users suddenly gaining access to cryptocurrencies has prompted some enthusiasts and investors to believe that the world of crypto is on the precipice of arriving into mainstream usage. 

Bitcoin Price

(Image: CoinGecko)

As the chart above shows, in the 30 days that followed the PayPal announcement, the price of Bitcoin has climbed by an astonishing 53%. According to CoinGecko, Bitcoin’s all-time high value was clocked at $19,665.39 on the 16th December 2017. On Bitcoin’s current trajectory, the world’s most famous cryptocurrency could break new ground imminently – although analysts have warned that the coin’s rapid growth could come with a significant correction before it surpasses values of $20,000.

The Path to The Mainstream

Of course, not all of PayPal’s 286 million users will buy Bitcoin or any altcoins for that matter. But, the payment giant’s move towards offering crypto represents an unprecedented step towards mainstream acceptance of digital finance that was lacking during the highly speculative Bitcoin bull run of 2017. 

Today, there are plenty of conditions that are ripe for a progression towards mainstream crypto adoption. The backing of PayPal has been compounded by the news that Square had added $50 million in Bitcoin to its corporate treasury, while the best crypto exchanges offer greater levels of usability and security to their 2017 predecessors. 

One of the most significant reasons behind why Bitcoin could continue to push far beyond its 2017 high, however, is the emergence of a new investment market. 

Just two years on from JPMorgan chief Jamie Dimon exclaiming that Bitcoin was a ‘fraud’, the investment banking giant is ramping up the optimism surrounding the future of the cryptocurrency: “Bitcoin could compete more intensely with gold as an ‘alternative’ currency over the coming years given that millennials will become over time a more important component of investors’ universe,” a JPMorgan spokesperson told CTV News

While the market capitalisation of Bitcoin is 10 times lower than gold, the arrival of more investment opportunities and a wider, more technologically agile market of younger investors could contribute to closing that cap in the coming years. 

Crypto adoption rates

(Image: Decrypt)

Some commentators have noted that the adoption rates of cryptocurrencies somewhat mirror that of internet adoption as the World Wide Web began to take hold. 

If this trend continues, and younger investors opt for crypto ahead of stocks and shares or gold, it’s little wonder why some key industry players are expecting the world’s most famous cryptocurrency to reach a value of $100,000 in twelve months. 

Is Now The Time to Embrace The Gold Rush?

While it may not make much sense to suggest exercising caution following on from referencing a prediction that put a six-figure price tag on Bitcoin in a year from now, it’s vital to remember that cryptocurrencies are famously volatile and built heavily upon speculation. 

As PayPal ramps up its services for users looking to buy into and hold Bitcoin, we may see more erratic behaviour on the market. 

The meteoric 53% rise of Bitcoin towards its all-time high price has left commentators feeling as though the coin has built up ahead of steam, fuelling talk of a significant correction in the near future. 

If such a correction occurs and the value of the coin drops to around $14,000 – this may represent a credible buy zone ahead of what could be a very bullish future for the cryptocurrency. But as PayPal has placed Bitcoin on the precipice of uncharted territory, all bets are off as to where the coin will eventually settle. 

The arrival of PayPal could have a knock-on effect on a range of altcoins that aren’t even covered by the payment company. As PayPal opened its services up by dropping its waitlist on Bitcoin, decentralized finance tokens began a surge that seemed unlikely in recent months. Leading names in DeFi like yearn.finance and Uniswap began recovering significant value where they had been formerly written off by the market. 

Bitcoin may still be the king of crypto in terms of market cap, but mainstream adoption can bring interest in a wide range of tokens that can boast plenty of practical benefits for users. There may be lots of fool’s gold still populating the crypto landscape, but there are also masses of cryptocurrency gold out there waiting to be picked up by the mainstream.

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Currency Market

Crypto on plastic: Mastercard supports new multi-currency crypto card announced by Wirex

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Mastercard

Breaking into new ground, Wirex is one the first of its kind, a cryptocurrency platform, that has been granted a Mastercard principal membership. The organizations together will release a brand new multi-currency card through their membership scheme. The London based crypto payment processor Wirex, which is regulated by the UK’s Financial Conduct Authority has also gained a license to issue crypto cards around Europe, taking crypto to new heights.  

Thanks to the Wirex card’s multi-currency nature, it will be supported by Mastercard and will be linked to a variety, 19 to be precise, crypto, and fiat currency accounts within the Wirex app. Although an official release date has not been issued yet, the excitement of such a card shows true movement toward generalizing the use of cryptocurrency for all, making it more accessible on a wider scale. 

The card is a bid in the attempt to encourage the use of cryptocurrency to be used for everyday payments. Wirex is also upgrading its existing rewards program enticing users to pay using crypto by offering a certain percentage back. For example, one of their rewards saw users get 1.5% back on each in-store transaction using Bitcoin. To make it more worth the users while, from now on, there will be a greater incentive in the form of 2% back on online and in-store purchases using…

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